Prada SpA agreed to buy Versace for about $1.38 billion in cash, strengthening its position as Italy’s largest fashion group by adding one of the luxury industry’s best-known brands.

Italian fashion house Prada announced Thursday it had reached a deal with US group Capri Holdings to buy its flashy rival Versace for 1.25 billion euros ($1.38 billion). The acquisition will create a ...

Prada is seeking to expand, having defied a slowdown in luxury demand, while Versace has been operating at a loss. The merger strengthens Italy's hand in the luxury industry led by French ...

Prada said the 47-year-old Versace brand offered ... “An historic ‘Made in Italy’ brand is Italian again,” Industry Minister Adolfo Urso said.

The Italian fashion house was purchased for €1.25 bn from Capri, which is restructuring after a failed merger with Tapestry.

The purchase officially brings the brand back into the folds of Italian luxury.

The Prada Group has agreed to buy Italy's Versace from Capri Holdings in a deal valued at 1.25 billion euros ($1.4 billion).

Two of Italy’s biggest fashion houses are joining forces, as Prada acquires Versace for €1.25 billion set to reshape the ...

Prada said that it had reached a deal to buy Versace for 1.25 billion euros, building a new Italian fashion powerhouse and hoping to insert much-needed "spark" into its smaller, flashier rival.

Milan, Italy (AFP)—Italian fashion house Prada announced Thursday it had reached a deal with US group Capri Holdings to buy its flashy rival Versace for 1.25 billion euros ($1.38 billion).

Italian fashion house Prada announced Thursday it had reached a deal with US group Capri Holdings to buy its flashy rival Versace for 1.25 billion euros ($1.38 billion). The acquisition will ...